One day it might set new records for bullishness, the next we might see it plummet into bear-territory. A flurry of global news also makes it difficult to interpret the impact of each development on prices and market sentiment. Needless to say, it’s critically important to delineate the factors that are moving the oil markets and prices at any particular point in time. This year, hurricanes, geopolitics, the OPEC deal and U.S. interest rates have all been major factors. Inventory levels and global supply and demand are then influenced by these factors. This year has been a roller-coaster ride for oil prices. In the first few months, the markets saw huge inventory build-ups crossing the five-year moving average. Then the summer-driving season provided some bullish momentum for oil prices in the shape of inventory withdrawals. A falling rig count and the political crisis in Venezuela added to this momentum, […]